I am now in my so-called (Golden Years) and have a 401(k) plan that I withdraw funds at various times throughout the year to pay for car insurance, house insurance and to purchase appliances or car repairs.
I have never taken out more money than my fund generates (earns.)
I will be 70?½ in July of this year and have been informed that our government (IRS) will impose a regulation that I will now have to withdraw a larger percent (required minimum distributions.) On the IRS website, I could not find the first years percentage without filling out a work sheet; I believe it is about 3.6 percent or near there.
Our government isn’t doing this for my welfare, but finding another way to get more tax money from me.
I am one irate person, I do not want the IRS to tell me how much I have to take out.
Will Lewis
Arlington
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